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DAILY TECHNICAL ANALYSIS FOR MAY 12, 2022

EUR/USD

Current level – 1.0522

The pair continues to trade between the support at 1.0482 and the resistance at 1.0580. The range has been going on for two weeks now, with neither side taking the initiative. The market needs a catalyst in order to find a clear direction, and so far the rise in the U.S. interest rates and inflation data have failed to provide this initial jolt. There is accumulated liquidity around both the support and the resistance levels and it is likely that the first breach of the range will be fake and the market will move in the opposite direction. The market is likely to remain in “standby” mode, and more activity can be expected in case of a confirmed breach in one of the support and resistance areas. Today, increased volatility can be expected around the announcement of the PPI data for the United States at 13:30 GMT.

USD/JPY

Current level –  129.76

The dollar retreated from the highs against the yen. The market is currently entering a range phase, with the main support being 128.82. First resistance zones for the bulls are 130.45 and 131.22. It is expected that the uptrend will continue again as a breach of 131.22 would pave the road towards 133.00. Before that, however, it is possible for the bulls to retreat and look for better opportunities to enter under the support of 128.82.

GBP/USD

Current level – 1.2242

The Cable breached the support at 1.2275 at the end of the trading session. In the early hours of today, there isn’t much activity, but with the opening of the European markets, a test of the breach at 1.2275 is possible. If it turns out to be fake and prices stay above the support, then attacks on the resistance zones at 1.2403 and 1.2470 can be expected. On the higher time frames, the declines seem quite stretched and a deeper pullback from the current levels is possible. If, however, the bearish pressure continues, then the declines could deepen towards 1.2060. This area has been a crucial support level for the market since 2016, and so if it is cleared, then the sterling could have a very bumpy road ahead of it.

Gold price attempts to recover

Gold price surpassed 1850.00 level and settled above it, to hint the attempt to recover on the intraday basis, but we notice that the price is still below the bearish channel’s resistance, and the EMA50 meets this resistance to add more strength to it, while stochastic loses its positive momentum to enter the overbought areas.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and breaking 1850.00 will reinforce the expectations of targeting 1820.00 followed by 1780.25 levels, noting that breaching 1864.00 will stop the expected decline and lead the price to achieve additional gains on the intraday basis.

The expected trading range for today is between 1830.00 support and 1870.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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